BNB Holds Above Range High as Market Eyes $1,000 ExtensionBNB has broken out of its long-term trading range and now faces resistance at the $905 Fibonacci extension. A rejection here, paired with consolidation above the former range high, would be considered bullish for continuation toward $1,000.
After months of ranging, BNB has finally broken free from its long-term consolidation and is testing key Fibonacci extensions. Price action is showing strength on the higher timeframes, with momentum leaning toward further upside as long as support is maintained above the former range high. This breakout comes at a crucial time, where the market as a whole is attempting to establish sustained bullish structures.
Key Technical Points:
- Breakout Confirmed: BNB has broken above its long-term trading range, flipping prior resistance into support.
- Immediate Resistance at $905: Price has stalled at the Fibonacci extension, making this the key short-term hurdle.
- Next Target $1,000: The 0.618 Fibonacci extension of the monthly trend sits at $1,000, representing the next major objective.
Main Analysis:
The breakout above the established trading range has shifted the broader outlook for BNB into a bullish continuation phase. For months, the token traded in a sideways structure, but buyers have now gained the upper hand by forcing a close beyond range highs. This structural shift is significant, as it marks a potential transition from consolidation into an extended bullish trend.
The $905 level is proving to be immediate resistance. This region aligns with the Fibonacci extension of the prior move and is historically a zone where price often pauses. A clean rejection here is not inherently bearish, provided BNB continues to consolidate above the range high. Such price action would indicate acceptance above prior resistance, turning it into support and creating a strong foundation for higher moves.
From a technical perspective, BNB remains in a strong uptrend. Higher highs and higher lows on the monthly timeframe confirm that bullish momentum is intact. The 0.618 Fibonacci extension level at $1,000 is the logical next target once $905 is cleared. Breaking through this extension would signal that the current trend has enough momentum to sustain additional upside.
Volume profile data further supports the bullish bias. Since 2022, overall trading volume has been in decline, yet bursts of bullish volume inflows during key breakout attempts suggest that demand is returning at strategic moments. If this pattern continues, it will likely underpin a larger continuation move that carries BNB beyond the current resistance zone.
What to Expect in the Coming Price Action:
BNB’s ability to hold above the former range high will determine the strength of the current breakout. Sustained consolidation here, followed by a decisive move through $905, would open the door for a push toward the $1,000 Fibonacci extension. Failure to hold above the range high, however, would place the breakout at risk and could trigger a deeper retracement before any new leg higher.
